"I truly mean that!"
Lin was effective as a backup and mentor to Hawks' first-round pick Trae Young. "Everyone who knows me knows how big my dreams are and that I have so much left to give to the game".
The Hawks tried to deal Lin ahead of the February 3 trade deadline but could not find a match in part due to the 30-year-old's $12.5 million salary.
Atlanta was Lin's seventh team in his career.
Hours after the initial report of the pending move, the Raptors announced point guard Fred VanVleet will miss at least three weeks with a thumb injury. The Raptors host the Brooklyn Nets on Monday night. You saw him guard Dwyane Wade in the playoffs.
Toronto will become Lin's eighth National Basketball Association franchise, after stints with Golden State, New York, Houston, the Los Angeles Lakers, Charlotte, Brooklyn and this season Atlanta.
Lin averaged 14.6 points in 35 games for the Knicks that season, a huge uptick from his rookie season with the Golden State Warriors when he was used sparingly.
In Toronto, he is expected to add depth behind Kyle Lowry and Fred VanVleet as the Raptors pursue the No. 1 seed in the Eastern Conference, now a game behind Milwaukee. VanVleet is averaging 10.5 points, 4.6 assists, 2.7 rebounds and 26.8 minutes in 51 games (22 starts) this season.
- With files from The Associated Press.